In the news: Investors’ appetite in savings bond drops
The Minister of Finance, Mrs. Kemi Adeosun, has said the thought of saddling future generations with unserviceable debts is not part of the President Muhammadu Buhari led administration’s agenda.
FCMB Group Plc, Diamond Bank Plc and FBN Holdings Plc (measured by volume) accounted for 659.042 million shares worth N1.312bn in 1,933 deals, thus emerging as the top three traded equities for last week.
Three electricity generation companies (Gencos) built by the Niger Delta Power Holding Company (NDPHC) under the National Integrated Power Projects (NIPPs) would soon be sold to private investors in continuation of the 2013 NIPP privatisation that was suspended, the Managing Director of NDPHC, Mr. Chiedu Ugbo, has disclosed.
Yields for the 364-day treasury bills at the last auction dropped to a 15-month low of 15.72 per cent, which may imply the end of abnormal high yield for the debt instrument observed in the market in recent time.
The Federal Government’s target of wooing retail and high net worth investors in the Nigerian capital market, using the savings bond to finance the budget deficit may seem not to be materializing as the appetite for investment in the savings bond continue to diminish.
The interbank money market is expected to experience intense scarcity of funds this week following the liquidity mop up of N422 billion by the Central Bank of Nigeria (CBN) last week.
Dangote Cement Plc, Nigeria’s most capitalized quoted company and Africa’s largest cement producer, at the weekend stepped down from its much-publicized bid to acquire the share capital of PPC Limited-a South African leading cement firm.
Wema Bank’s Board of Directors at the weekend indicated that it has called an extraordinary general meeting of shareholders of the bank to consider a comprehensive capital reduction exercise that will lead to a write off of accrued legacy losses in the bank’s balance sheet.
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